As one financial year ends, another begins, heralding the coming of new Payroll & Banking improvements. And so the great Circle of Life continues.
P60s now available
The financial year drawing to a close is traditionally a time of quiet reflection, epitomised in many ways by the P60 End of Year Certificate, which details employee income and deductions for the year.
For your contemplation and convenience, P60 forms for 2013/14 are now produced for all employees, and are available within the Salary section. These can be downloaded as PDFs for each employee and are ideally accompanied by a cup of jasmine-infused green tea. For best effect.
Further guidance on the matter can be found in the all-knowing Knowledge Base.
The end of the financial year isn't just about looking back. In fact, April brings with it many new opportunities.
Not least of which is the Employment Allowance, a new scheme kindly bestowed upon us by our benevolent overlords in Government, which offers potential savings of up to £2,000 in Employer's National Insurance contributions per year.
The scheme is handled through RTI, and for eligible companies opting in through FreeAgent is as simple as checking a box within the new Payroll area in Settings. After that, FreeAgent will inform HMRC that you're eligible for Employment Allowance and will automatically apply the savings when you run your next payroll. Getting a break from The Man is never going to get simpler than this.
A final word on Payroll
If you're continuing to use FreeAgent Payroll from last year, you will need to set up new Payroll Profiles for all of your staff for the coming year. When you do this, we'll copy across many of the settings from last year's profiles but there are other things (like Tax Codes) that you'll need to add in before you can start running payroll for the new year.
Hiding Bank Accounts
No matter how well we reconcile our past, there are still some things we'd rather forget. This is never more true than with old, unused bank accounts: often painful reminders of finances past.
Thankfully, you can now choose to banish these old bank accounts from view once and for all. Simply edit the offending bank account and set the status to 'Hidden' to hide it from the main Banking screen and other places around FreeAgent. Catharsis is only a click away.
Hakuna matata friends,
Roan and the team at FreeAgent
Disclaimer: The content included in this blog post is based on our understanding of tax law at the time of publication. It may be subject to change and may not be applicable to your circumstances, so should not be relied upon. You are responsible for complying with tax law and should seek independent advice if you require further information about the content included in this blog post. If you don't have an accountant, take a look at our directory to find a FreeAgent Practice Partner based in your local area.